Frequently Asked Questions
The recent COVID-19 pandemic has caused a slowing of growth. As a result of COVID-19, the expected growth of power banks across applications is expected to slow, as the pandemic restricts supply chain and adoption owing to major disruptions to enterprises and the global economy. This has had a significant impact on the semiconductor supply chain, resulting in shortages of resources, components, and completed items. As a result, the market suffers as a result.
In the forecast period, the Asia Pacific region will lead the global market. Power bank use in the region is increasing due to the region’s growing population, large-scale digitization, inexpensive power banks, and e-commerce penetration in the electronics sector.
A considerable transition toward 3G and 4G networks, expanding popularity of digital content, and increasing computing capability of devices are driving the industry’s growth. Along with this, rising smartphone demand and falling power bank prices are some of the major factors affecting market growth.
During the forecast period, the 10,001–15,000 mAh sector of the power bank market is predicted to develop at the fastest rate.
Smartphones represent a significant application market for power banks. The excessive usage of data and internet services on smartphones is one of the key reasons that contribute to battery life draining quickly. This increases the demand for power banks.